Q3. Consider the following statements about Insolvency and Bankruptcy Code 2016:
1. The Code highlights insolvency processes for individuals, companies and partnership firms.
2. Under IBC debtor and creditor both can start ‘recovery’ proceedings against each other.
Select the correct answer using the codes given:
c) Both 1 and 2
Insolvency and Bankruptcy Code 2016 is a law that was implemented through an act of Parliament. IBC got Presidential assent in May 2016 and was put into effect after that. Certain provisions of the act were imposed in August in the same year.